Spain approves release of oil reserves to ease supply disruptions

Tuesday 17 March 2026 - 13:30

The government of Spain has approved the release of up to 11.5 million barrels of oil from its strategic reserves in response to ongoing supply disruptions affecting global energy markets.

The decision comes amid concerns over reduced oil flows linked to the partial closure of the Strait of Hormuz, a key route for international energy shipments. Authorities aim to stabilize supply and limit the impact on domestic and regional markets.

According to Energy Minister Sara Aagesen, the release will take place gradually over a period of approximately 90 days. The first phase is expected to begin within the coming weeks.

The measure aligns with a broader initiative led by the International Energy Agency, which has outlined plans for a coordinated release of up to 400 million barrels among member countries to mitigate supply shortages.

Spanish officials emphasized that the strategy is designed to ensure energy security while avoiding major disruptions to the economy. The phased approach is intended to provide flexibility and respond to evolving market conditions.

The move reflects growing concerns among governments worldwide about energy resilience, particularly in the face of geopolitical tensions that can affect critical supply routes.